I would probably be joining the millions of people who have the same idea or business.
But do you think I am fooling myself? Do you think I can be somewhat profitable? At least as a side income?
I have a team overseas who is eager for work. I am partnering with my overseas team for the development work. All I have to do is find clients, help plan and manage projects, and market myself.
Things like that don’t come easy, so stay strong trough your journey.
go for it, follow it and make the business happen.
You got this
Thank you! Although do you think it is too competitive? Do you think it is likely to fail or not be as profitable?
The market is always a competitive place, however you don’t have to get back down by this, we live in a live that we take challenges every day, so take this like a challenge and go for it, I don’t think it will fail, however if you want to be sure, make some research and you could find if people are interested in the subjected, if not then you have time to think about another thing, just don’t be discourage and keep going
Honestly, the only way to know is to try.
Starting one’s own business is always a risk, but its a risk that must be taken to succeed. It sounds like you already have some assets you can leverage (your team overseas that will do the development part) and have at least a summary idea of what you need to do to make it happen.
I do suggest running the numbers before hand, and testing the waters before committing to much, even as a side project. I don’t suggest jumping 100% in all in by rolling the dice automatically. I did mention risk, but there are ways to mitigate that risk so you are not taking on too much of it. Starting as a side-project to get more accurate numbers on what “profit” would look like is a good start at least.
Good luck, keep learning, keep building
As an Economics Graduate, I feel identification with your question, I will try to put it simple. Sincerely hope this helps:
Honestly, I think that if your initial capital to begin is small(if the project is mostly composed of Labor and Know-how and less of financial capital as a factors of production.) You can give a try. Remember, every business has some degree of inherent risk, one due to the specific market and other to external macroeconomic factors. If you consider you have the necessary resources, give a try. If you fail, you will acquire very useful knowledge and experience.
Who knows? You can even develop a good app an raise funding through crowdfunding or venture capital.
I would only recomend you, 2 things:
- Do not underestimate finance, if you are the head of the business you need to have a financial plan in the project. If you dont have, is just bargaining.
- Delegate appropiate tasks to your team, and establish the management structure. Every suscesful project and organization, no matter what, must have some “game rules”, this is called organizational structure.
Best of wishes
Thanks for the feedback. I want to make some entrepreneurial success in development somehow, either in crafting solutions for clients, or as you mentioned, creating a useful web app.
“ All I have to do is find clients, help plan and manage projects, and market myself.”
That will be a lot harder than you imagine but there is demand out there. Also don’t underestimate the difficulties of managing an overseas team and clients if you don’t do this already. You will effectively be playing “piggy in the middle”! How will you ensure they understand the requirements? What will happen if there is a misunderstanding? What if the client changes their mind part way through? Etc etc etc
Also have a think about your competition and USP (Unique Selling Point). Why should a client come to you and not just go direct to an overseas development team themselves? Why not just hire developers themselves? Why not go to another agency? You need to be able to answer these questions quickly and easily.
All the best anyway!
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